Data About Obama's Permanent Recession
Editor's note: The data came from a December 20, 2012 Zero Hedge article and shows the true nature of our economy.
The Zero Hedge blog site had some interesting data that shows the fragile economy. In December of 2008, 31.6 million Americans were on food stamps, and today, nearly 48 million Americans are now on food stamps. That means 1 out of every 6.5 Americans are dependent upon food stamps. Put it another way, more Americans are on food stamps than live in the following states: Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Utah, Vermont, West Virginia, and Wyoming. Any society proud of the fact that more people are dependent upon the government just to eat is a society in grave trouble.
In the era of the Obama's permanent recession, more than a million public school children don’t have a place to call home after school and for four straight years, the median household income in the United States has fallen and that is under what we are being told is a recovery. Families with a head of household under the age of 30 have a poverty rate of 37 percent. How many of those heads are single parents? The number of single females’ head of households has increased, and the number of families actually forming continues to decline with family formation as one of the crucial factors living in poverty.
The United States' share of the global GDP has fallen from 31.8% to 21.6% in the past decade. The reason that the United States' share has dropped is simply because the United States' economy has failed. For the past four years, with the United States global economic competitiveness dropping, it is not hard to see why our economy has continued to slowly implode. It is interesting to see that as the middle class income has dropped for the past four years while economic freedom is decreasing, we are now seeing the results of policies that emphasize fairness as opposed to growth. The result is a bad economy and a permanent recession.
We are told that our economy is recovering and great times are just around the corner, but 62% of Americans stated that they had to reduce household spending over the past year, and 48% of Americans are considered low income and on the verge of living in poverty. But with a society that has 1 out of 6.5% of Americans living on food stamps, what else could one expect? 77% of Americans are living month to month and only 55% of men have jobs compared to 80% in 1950. The average number of times unemployed workers are out of work is 40 weeks, nearly a year!
In Obama's economy, 25% of American workers make ten dollars or less per hour and 49% of Americans live in a family in which at least one person needs financial assistance from the federal government. In 1983, the number of Americans with at least one family needing financial assistance was less than 30% and that was after a severe recession. In Obama's economy, we are seeing this data after nearly four years after a recovery supposedly began.
Americans sold three times as many homes in 2005 as in 2012, so much for the housing recovery. 53% of college graduates under the age of 25 were either under employed or unemployed last year, and college loan debt has now passed 1 trillion dollars. In Obama's economy, students are not only having trouble getting jobs, but also burdened by crushing debt.
In the past recession, 58% of jobs created have been low wage jobs leaving one to wonder, are we living in a McDonald economy? “Want to supersize your value meal?” is the lingo that many college graduates are learning.
The one area that jobs have been plentiful and well-paying has been in government. Half of millions of federal employees earned $100,000 per year and that represents 22% of the workforce. There are 77,000 federal workers earning more than the governors of their own states! We are witnessing a private sector where the average worker struggles on a month to month basis while they support government workers to a higher living standard.
Zero Hedge blog quipped, “The mainstream media continues to tell us what a 'great job' the Obama administration and the Federal Reserve are doing of managing the economy, but meanwhile things just continue to get even worse for the poor and the middle class.” The reality as the blog noted is that the middle class is being obliterated while small businesses struggle to survive and poverty continues to increase. We are living in a false recovery in which debt is now considered wealth with much of Main Street starting to turn into ghost towns.
We are not living in a recovery, but a Federal Reserve induced mirage in which the economy basic is weak and just one jolt can bring it back crashing down. Welcome to year five of the Obama permanent recession.